Distribution amounts are rounded to the nearest cent. Shareholders should refer to their statements for exact distribution amounts.

Alternative Minimum Tax*

as of 01/31/2015

Percentage of Fund Income subject to the Alternative Minimum Tax

9.86%

*Alternative minimum tax (AMT) percentage provided here represents the fund's estimate of income subject to the AMT as of the date indicated. This percentage is subject to change throughout the year and does not necessarily indicate the final amount of income that will be subject to AMT. The current AMT percentage should not be used for tax return preparation or other tax filings. T. Rowe Price will provide fund account holders with a final AMT percentage in January.

Performance Comparison

as of
01/31/2015

This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 years or since its inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results.
Share price, principal value, yield and return will vary and you may have a gain or loss when you sell your shares.

Calendar Year Total Returns

2005

3.25%

2006

4.78%

2007

1.82%

2008

-5.20%

2009

14.40%

2010

1.95%

2011

9.96%

2012

8.04%

2013

-3.15%

2014

10.19%

Share Splits

as of 01/31/2015

Split Type

N/A

Effective Date

N/A

Pre-Split NAV

N/A

Post-Split NAV

N/A

1The 30-day dividend yield represents the average daily dividends for the
30-day period, annualized and divided by the net asset values per share
at the end of the period; it is available the first quarter after the
fund's inception. The SEC standardized yield is computed under an SEC
standardized formula and reflects an estimated yield to maturity
(assuming all portfolio securities are held to maturity); it is
available the first month after the fund's inception.

2 Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.
For funds less than one year old, the Since Inception return figure is not annualized and represents an aggregate total return.

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